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Nine in 10 current accounts charge fees for using services

Survey said those paying a regular management fee may find themselves paying around £147 a year on average.

Nine in every 10 current accounts on the market charge set fees, either for account management or for using an overdraft, according to a website.

Of the 80 options available, 72 charge set fees for account management or overdraft usage, according to Moneyfacts.co.uk.

It said those paying a regular management fee may find themselves shelling out around £147 a year on average.

Moneyfacts said customers who do not pay a regular management fee are not necessarily better off – and may find themselves being hit when they slip into the red.

More than half of current accounts without a regular fee (58%) charge an authorised overdraft usage fee and two-thirds 66% will charge an unauthorised usage fee.

Rachel Springall, a finance expert at Moneyfacts.co.uk, said the way providers charge customers for going overdrawn has been leaning towards set usage fees rather than interest.

She said: “It’s clear to see why consumers should question whether they can acquire a ‘free’ bank account these days, with free banking becoming a bit of a myth.

“The reason for this is that most current accounts charge fees for using their services, acquiring benefits, or when you look to borrow.”

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From Belfast Telegraph